In its first quarter as a combined company, The Kraft Heinz Company reported a drop in both sales and adjusted earnings during the third quarter of fiscal year 2015. The quarter ended on September 30.
The company, which was created when the merger of the Kraft Foods Group and H.J. Heinz Holdings Corporation was finalized in May, saw its third quarter net sales fall 9 percent to $6.36 billion when compared to revenues from the same quarter during fiscal year 2014 on a pro forma basis. The company reported an adjusted earnings of 44 cents per share, down from the 46 cents per share posted during the third quarter of fiscal year 2014.
Kraft Heinz is the parent company of Oscar Mayer, which in 2014 slaughtered 280 million pounds of live turkeys in 2014.
Bernardo Hees, CEO of Kraft Heinz, was upbeat about the company’s results and the direction it is going as it focuses on improving efficiencies.
“Our third quarter results reflect continued progress as we integrate these two great companies while driving greater accountability, discipline and efficiency,” said Hees. “As we implement and expand methodologies such as zero based budgeting, management by objectives and revenue management, we expect to continue creating the freedom to invest in our business and accelerating long-term profitable growth.”
The announcement of the company’s financial results comes one day after Kraft-Heinz announced plans to close seven plants and move the Oscar Mayer headquarters from Madison, Wisconsin, to Chicago.